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Cboe Global Markets to launch closing auction mechanism

Cboe Global Markets Inc. plans to launch Cboe Market Close on its BZX Exchange on Aug. 20, subject to the SEC reaffirming staff's initial approval.

Cboe Market Close provides an alternative mechanism to primary market closing auctions at a time when "several industry participants are frustrated by rising closing auction fees," the company said.

The mechanism lets participants route market-on-close orders to Cboe Market Close on the BZX Exchange, where they are pre-matched with other market-on-close orders. Once the primary exchange closing price is published, pre-matched trades are executed.